The Nuggets and Steve Novak, whom they’re acquiring as part of a package in their Randy Foyedeal today, will work on a buyout arrangement, reports Marc Stein of ESPN.com (Twitter link). The veteran sharpshooter is on an expiring contract worth $3.75MM for this season. He’ll be eligible to appear in the postseason for another team as long as Denver waives him by the end of March 1st.

Novak hasn’t contributed much since his solid 2012/13 campaign for the Knicks when he averaged 6.6 points per game on 42.5% three-point shooting. He was virtually a forgotten man in Oklahoma City this season, making just seven appearances and notching 2.4 points in a meager 3.4 minutes per night. The 32-year-old’s career numbers are 4.7 points, 1.7 rebounds and 0.3 assists to accompany a slash line of .438/.432/.876.

It is unclear what the market would be for Novak if he does agree to a buyout with Denver. The Heat, who are in dire need of outside shooting, were mentioned as potential suitors for Novak heading into today’s trade deadline by Ira Winderman of the Sun Sentinel, though his report was speculation and not necessarily indicative of Miami’s thinking.